Bilateral trade between India and China is likely to exceed $ 50 billion by 2010 with Suzhou Industrial Park in China playing a major role in it, China's Ambassador to India Sun Yuzi said on Wednesday.

"Though bilateral trade between India and China, which was $25 billion in 2006, is targeted to reach $40 billion by 2010, we expect it grow over $50 billion," he said addressing a seminar 'SIP-Gateway to Business in China'.

"SIP launched in 1994 with the cooperation of China and Singapore governments is like SEZ (Special Economic Zone), a hotspot for global investment and will help boost trade between India and China," he said.

Tracing the similarities between the two nations, he said "not only both have huge populations, the two are in Asia and are developing countries, developing fast. The two must, therefore, develop together."

Sun Yanyan, vice chairman of SIP, highlighted the huge demand for software products in China, where India can play a key role. Asia is emerging as a major market for China's outsourcing, which calls for training of BPO and software professionals, she said.

Describing SIP as one of the "most open and export-oriented places in China," she said SIP has kept an annual growth rate of 30 per cent over the last 13 years.

Altogether, 420,000 jobs have been created. In 2006, SIP recorded $8.5 billion in GDP, about $30 billion in industrial output and $50 billion in imports and exports, Yanyan said.